First-Time Homebuyer
Buying your first home isn’t just a transaction, it’s an achievement.
At The Savings Bank, we understand as a first-time buyer, you need more – more support from a team you trust, more answers to all your questions, and more help with costs associated.
The good news is, our mortgage specialists are here to help with all that – and more.
Free Pre-Approval for First-Time Homebuyers
The market moves fast – are you ready to make an offer when the right house becomes available?
Unlike a pre-qualification, a pre-approval from The Savings Bank includes a credit check and full income verification, meaning you will have an advantage when it's time to write an offer.
Designed Exclusively for You
Our First-Time Homebuyer program is designed to help first-time buyers:
- Lower Down Payments
- Under 11% requires Personal Mortgage Insurance (PMI)
- No PMI Required
- With just 11% down
- Reduced Closing Costs
- Save at least $1,300
- Reduced Lender’s Title Insurance
- $2.00 per $1,000 borrowed
- Competitive Rates and Terms
Plus, guidance from our home loan specialists from pre-application to post-closing and beyond!
Program | Rate | Points | APR* 11% Down¹ | Years | Monthly Payment per $1,000³ |
Special Offer | |||||
30 Year Fixed | 6.625% | 0 | 6.662% | Years 1-30 | $6.40 |
7/3 ARM | 5.875% | 0 | 6.439% | Years 1-7 | $5.92 |
Years 8-30 | $6.46 | ||||
*APR=Annual Percentage Rate effective 11/20/2024. (1)Composite APR includes prepaid finance charges such as, $88.00 Tax Service Fee, $80.00 Hazard Tracking Fee, $14.50 Flood Certificate Fee, and $200.00 Employment/Income Verification Fee. (2)Must have automatic payments from a TSB checking account and direct deposit of payroll income. (3)These amounts do not include real estate taxes and insurance. The actual monthly payment will be higher if an escrow account is established or required. Subject to credit and property approval. Hazard insurance is required. Flood insurance may be required. Property must be 1 to 4 family owner-occupied. No PMI on a loan-to-value of 89% on a 1 and 2 family property with a maximum loan amount of $800,000. 3 and 4 family property requires a minimum 80% loan-to-value and a maximum loan amount of $1,000,000. A maximum loan-to-value of 95% WITH PMI on a 1 family property and condominium with a maximum loan amount of $766,550. A maximum loan-to-value of 95% WITH PMI on a 2-family property with a maximum loan amount of $800,000. Any loan that requires Private Mortgage Insurance (PMI) must meet all guidelines established by the PMI company. Reduced closing costs. All Interest Rates and program guidelines may change without prior notice. Other restrictions may apply. Please contact TSB for details. | |||||
Let’s get started:
We are happy to consider a real estate loan request for properties located anywhere in the Massachusetts counties of Middlesex, Essex, Worcester, Suffolk and Norfolk, as well as, properties located anywhere in the New Hampshire counties of Rockingham, Hillsborough, and Cheshire.
MassHousing Partnership
The Savings Bank proudly offers MassHousing Partnership’s One Mortgage product. Please call for more information.
Talk to The Savings Bank
To find out how The Savings Bank can help you achieve all your financial goals, visit one of our offices, use our contact form, or call us at 800-246-2009.
